Indonesia-based crypto exchange Tokocrypto has been on the rise with the news that it has sold more shares to the Binance company.
The volatility in the cryptocurrency market continues. Many companies are trying to build infrastructure for the next crypto cycle. Cryptocurrency exchanges, in particular, are working hard to increase their assets and take strong steps. One of them, Binance, has attracted attention with its global investments. Although Binance has been in an atmosphere of fear lately, it continues its expansion efforts at full speed. As one of these efforts, Binance company increased its Tokocrypto shares.
Tokocrypto Coin Rise, Binance Effect
It was on the agenda that Binance would completely buy Indonesia’s largest cryptocurrency exchange Tokocrypto. With the impact of this news, the Tokocrypto ecosystem product TKO rose by nearly 50 percent. The news came after rumors that Binance could go bankrupt just like FTX.
Binance, the world’s largest cryptocurrency exchange, has set its sights on Indonesia. The company is buying shares of Tokocrypto, Indonesia’s only regulated exchange.
TKO, the token of the Tokocrypto exchange, rose from $0.26 to $0.42 with the effect of the news. According to media reports, Binance wants to buy 100 percent of the Indonesia-based stock market.
Binance CEO Changpeng Zhao (CZ) made statements on the subject. CZ said, “Binance was the majority shareholder of Toko from the beginning. We just included more cash and slightly increased our shareholding.” said.